Real Estate Demand 91.42% lower Annually by Half of 2023

According to the data from the General Directorate of Land Registry and Cadastre (LRC), the number of Real estate (RE) transactions recorded a sharp fall of 91.42% yearly to stand at 3,425 transactions by June 2023, compared to 39,921 transactions same period last year. The drop is mainly due to the ongoing nation-wide strike for the public employees which have led to major dysfunction for public services. In the same token, the value of total RE transactions stood at $484.56M by June 2022 calculated at the new official rate of USD/LBP 15,000, which is 87.79% lower than $5.76BB in the same period last year.

On a monthly basis, the number of RE transactions stood at 871 in the month of June 2023, compared to 793 transactions in the previous month of May 2023, and to 2,620 transactions in June 2022.  In details, South region holds the biggest share of real estate transactions at 405, or 46.50% of total RE transactions, in the month of June 2023, followed by Beirut at 234 transactions or 26.87% of total RE transactions. Furthermore, Nabatieh grasped 13.20% of total RE activity in June 2023 and 8.50% or 74 transactions was the share that the North grasped out of the total RE transactions while zahle held 11 transactions or 1.26%. Noting that no RE transactions was recorded in the area of Metn, Kesserwen, and Baabda for the month of June 2022.

Moreover, the breakdown of RE activity by value for June 2023 showed that Beirut grasped the lion’s share of the total value of RE transactions, equivalent of 77.07% and worth $373.47M, while the South followed, constituting 16.65% of the total and worth $80.70M.

Number of RE transactions by June 2023:

Real Estate Demand 91.42% lower Annually by Half of 2023


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